Principles of Financial Accounting

Accounting is a way of taking the pulse of an organization to see if it’s healthy. This course will introduce you to the fundamental principles of financial accounting according to Generally Accepted Accounting Principles (GAAP). Students will learn how to prepare and interpret financial statements, such as the Balance Sheet, the Income Statement, Statement of Stockholder Equity, and Statement of Cash Flows. We will practice tracking revenues and expenses using the system of accrual accounting. Topics will include the accounting cycle, debits and credits, and the basics of assets, liabilities, and equity.

Students are encouraged to take Financial Accounting prior to Managerial Accounting. (Study of both topics is a prerequisite for Intermediate Accounting.) Financial accounting is also recommended preparation for the Governmental Accounting Certificate program or advanced study in business administration.